Markets & Operations

Billing, Settlements & Credit

PJM manages all aspects of the electric grid and the wholesale market, including the purchase and sale of energy, transmission services and ancillary services. PJM provides weekly and monthly invoices for each market participant. The market settlements and billing FAQs provide an introduction to how charges are billed in the market. 


Guide to Billing: PDF | WEB
Contains billing line items, charges/credits and references
Credit Overview & Supplement PDF
An overview of the credit policy and requirements, and supplement to the Open Access Transmission Tariff, Attachment Q
Tariff WEB | PDF - Attachment Q
Market Settlements Reporting System Reports Documentation
Drivers of Uplift
5-Minute Settlements
Update billing contacts in the Membership Management Community

Reconciliation Billing Determinants

Monthly | Hourly | Daily

Billing Determinant Definitions

Reconciliation billing determinants are used by PJM to reconcile past months' billings between EDCs and Retail Load Aggregators (a.k.a. Electric Generation Suppliers) for certain allocations that are based on real-time load ratio shares. The reconciliation kWh data supplied to PJM by the EDCs, which represents the difference between the scheduled Retail Load Responsibility InSchedule and the "actual" customer usage based on metered data, are multiplied by the applicable billing determinants to determine the reconciliation billing amounts for each of the following:

Scheduling, System Control & Dispatch Service Charges

PJM Charges - June 2006 - present

Monthly $/MWh rate calculated as PJM's Control Area Administrative Service (Tariff Schedule 9-1) rate, plus PJM's Market Support Service (Tariff Schedule 9-3) rate for transmission customers.

Transmission Owner Charges - July 1999 - present

Monthly $/MWh rate for each zone as filed in Schedule 1A of the PJM Open Access Transmission Tariff.

Regulation Charges

Regulation Charges - August 2005 - present

Hourly $/MWh rates calculated as total cost of Regulation in applicable PJM Mid-Atlantic or Western Control Zone regulation market divided by total real-time load in that market.

Transmission Loss Credits

Transmission Loss Credits – June 2007 - present

Hourly $/MWh rates calculated as total transmission loss revenues divided by total PJM real-time load plus exports.

Synchronized Reserve Charges

Synchronized Reserve Charges - May 2006 - present

Hourly $/MWh rates calculated as total cost of Synchronized Reserve in the applicable reserve zone divided by the total real-time load in that zone.

Network Integration Transmission Service Revenue Requirements & Rates

September 2022 PDF    9.9.2022
June 2022 PDF    6.9.2022
January 2022 PDF    1.19.2022
December 2021 PDF   12.8.2021
August 2021 PDF 8.30.2021
June 2021 PDF 6.1.2021
April 2021 PDF 4.29.2021
March 2021 PDF 3.3.2021
January 2021 PDF 1.21.2021

Past Years

202020192018 PDF

THEO, PLC & NSPL Methodology Inventory
An inventory of the procedures for calculation of THEO, PLC, and NSPL for each of the electric distribution companies.
Formula Rates

Network Service Peak Loads

2022 PDF 11.11.2021
2021 PDF 11.11.2020
2020 PDF 12.23.2019
2019 PDF   11.27.2018
2018 PDF 11.6.2018

Border Yearly Charge

2022 XLS   12.1.2021
2021 XLS   11.30.2020

Transmission Enhancement Worksheets


June XLS 6.15.2022 
May XLS   5.27.2022
March XLS   4.4.2022
February XLS   2.25.2022
January XLS   1.26.2022

Past Years

2021 | 20202019201820172016 ZIP

Form 715 Project Revenue & Cost Allocations 2015-2020*


Docket No. ER18-680 Cost Allocations 2018-2020*


Form 715 and Docket No. ER18-680 Annual Charge and Credit Estimates*

Form 715 and Docket No. ER18-680 Annual Charge and Credit Estimates* XLS
*This information is provided for informational purposes only and should not be relied upon by any party for financial settlement or any other purposes. This information may be subject to change or revision as PJM continues to review the calculations for accuracy, or as determined by the Commission in the pending dockets. PJM expressly disclaims any representations or warranties.  

EL05-121 Settlement

Current Recovery Charge Transitional Period Summary XLS 7.31.2018
Transmission Enhancement Charge Adjustments (Black Box) Transitional Period Summary XLS 8.1.2018
Detailed Transmission Enhancement Worksheets for Transitional Period (Jan 2016 – June 2018) XLS

Reactive Supply & Voltage Control Revenue Requirements


August XLS 9.7.2022
July XLS 8.4.2022
June XLS 7.6.2022
May XLS 6.6.2022
April XLS 5.6.2022
March XLS 4.6.2022
February XLS 3.4.2022
January XLS 2.4.2022

Past Years

20212020 ZIP

Balancing Transmission Congestion Preliminary Billing Data

Balancing Transmission Congestion Preliminary Billing Data

Preliminary Billing - Ancillary Services Market Data

Regulation: PJM
Synchronized Reserve: PJMDay-Ahead Scheduling ReserveNon-Synchronized Reserve

Black Start Revenue Requirements


August XLS
July XLS
June XLS
April XLS 5.6.2022
March XLS 4.6.2022
February XLS   3.7.2022
January XLS   2.4.2022

Past Years

2021202020192018 ZIP

Contact PJM

(866) 400-8980
(610) 666-8980

Other Contacts

Credit Group
Market Settlements Group
Cash Management Group


PJM Settlement, Inc. - Credit

New to Billing, Settlements & Credits?

Market Settlements/Billing FAQs 
Guide to Billing: PDF| WEB
Monthly Billing Statement Example
Quick Reference Guide to Market Settlements by Type of Business PDF
Subscribe to the Bill Notice Email List


How billing, settlements and credit work at PJM
Market Settlements 101
Market Settlements Advanced

Market Settlements Subcommittee (MSS)

Upcoming Meetings | Past Meeting Materials
Issue Tracking 
Subscribe to the MSS email list 

Weekly Billing Calendars

Learn how to add the Market Settlements Billing schedule to your personal calendar

June 2022 - May 2023 PDF
June 2021 - May 2022 PDF

All dates - Web version 
PJM Business Holiday Calendar: 2022 | 2021 PDF
Holiday Deadline Extensions: 2022 |  2021 PDF


M-27: Open Access Transmission Tariff Accounting
WEBCurrent PDFRedline PDF
M-28: Operating Agreement Accounting
WEBCurrent PDFRedline PDF
M-29: Billing
WEBCurrent PDFRedline PDF


Operating Agreement WEB | PDF
Open Access Transmission Tariff WEB | PDF

Seams Elimination Charge/Cost Adjustment/Assignment (SECA) Refund Report Filing Attachments - 9.18.2017

Final SECA Refund Report PDF
Attachment A - SECA Refund Report - User Guide PDF
Attachment B - SECA Settlements Chart PDF